1.50% Discount for Term Shared Ownership
Representing a 1.50% discount off our residential standard variable rate which is currently 4.99%.
(The overall cost for comparison)
Available for: Purchase and Remortgage
Min/Max Adv: £25,000/£1,000,000
Max Loan To Value: 95% of share
Arrangement Fee: None
Valuation Fee: Payable on application. See Valuation Fee leaflet.
Application Fee: £125
Early Repayment Charge (ERC): 1% of the current balance for first year and 0.5% for years two and three
Overpayments: 10% of the advance amount can be repaid per annum for three without incurring a charge. A 1% charge is due on any amount repaid that exceeds 10% per annum for the first year and a 0.5% charge is due on any amount that exceeds 10% per annum for years two and three
Restrictions: The mortgage must be repaid on a capital & interest basis
Other Features: N/A
Please note that we will consider the following:
A mortgage of £245,626 payable over 20 years on our discounted rate at 1.50% below the Society’s Residential Standard Variable Rate of 4.99% (variable) for the mortgage term of 20 years would require 240 monthly payments of £1,423.27 plus one initial interest payment amount of £728.06.
The total amount payable would be £342,977.86 made up of the loan amount plus interest (£96,686.86) and Valuation fee (£390), CHAPS fee (£25), Application Fee (£125) and Discharge fee (£125).
The overall cost for comparison is 3.6% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Following your feedback, we are happy to announce that we have created a new Intermediary Support Team to support with queries through each step of your application.
Cick here to find out more about the team.